Alternative Exit: Economics, Management, Accounting, and Marketing
Economics - Explain or define one topic in Economics. Explain why this topic is important and how you have either used this area or would use this in a business or life situation (minimum of two paragraphs). Make this a practical application as if you were working in a specific industry or owned your own business. (For example, explain the concept of supply and demand. How would this concept be used if you were managing a business? If you were in retail, how would high unemployment effect your ability to hire cashiers and the rate of pay you would need to pay?)
Management - Explain or define two topics in management. Explain why these topics are important and how you have either used this area or would use this in a business or life situation (minimum of four paragraphs). Make this a practical application as if you were working in a specific industry or owned your own business.
Marketing - Explain or define one topic in marketing. Explain why this topic is important and how you have either used this area or would use this in a business or life situation (minimum of two paragraphs). Make this a practical application as if you were working in a specific industry or owned your own business.
Accounting - Explain or define two topics in accounting. Explain why these topics are important and how you have either used this area or would use this in a business or life situation (minimum of four paragraphs). Make this a practical application as if you were working in a specific industry or owned your own business.
Pick any business related topic you have learned while working towards your degree. Explain or define the topic. Explain why this topic is important and how you have either used this area or would use this in a business or life situation (minimum of two paragraphs). Make this a practical application as if you were working in a specific industry or owned your own business.
If you need topic ideas, this link will take you to the description of the Associate Business Major Field Test. The second page includes topics which would have been on the test. It could at least give you a starting point for ideas. https://www(dot)ets(dot)org/s/mft/pdf/mft_testdesc_assocbus.pdf
Alternative Exit Assignment
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Alternative Exit Assignment
Economics
As a business owner, using the concept of supply and demand to increase a firm’s competitiveness makes this topic important (Greenlaw et al., 2018). The best way to achieve this objective is by offering products at significantly lower prices that draw customers and edge competing institutions out of the market. This approach would enable the company to gain a larger market share.
Its influence on marketing decisions also makes it an important topic for a potential business person. It can determine the vigor of a marketing plan to convince people about a product and trigger demand. Such an aspect triggers lead to the expansion of a business.
Management
The topic of business planning is an important one because it provides the road map for making a firm a reality (Nunn & McGuire, 2010). As a prospective business owner, designing this tool would assist in outlining the focus of a business. Moreover, this approach would refine the process of achieving the established goal.
Another fundamental aspect of the business plan would be using it as a reference point for everyone, including the workers, investors, and the management. Everyone has roles that contribute to achieving established milestones in the business plan. As a result, this topic would enable one to gauge the progress in these aspects against the established objectives in the business plan and project the current and future growth. A business plan also provides a timeline. As a result, using it to set the duration for completing specific tasks, including hiring, expansion, and many others, would set the rate of progress. This aspect controls how one manages the growth and determines resource allocation as needed.
The second topic is communication, which represents the dynamics of information sharing between the various parties in a company. It also incorporates how business-related details reach the market and other external players. This topic is essential because it determines the collaborations within and the business’s reputation.
The primary use of communication in a business setting would be advancing negotiations to win opportunities. For instance, crafting appropriate messages for potential investors would convince them that the company is right to channel their funds and expect attractive returns (Brondoni, 2018). Moreover, one can use appropriate communication techniques to foster professional and healthy working relationships between team members, which triggers motivation and morale to become productive.
Marketing
Brand strategy...